Manitowoc Company completes divestiture, Mach One signs LOI to acquire Kenosha company
Manitowoc Company sells off Marine division
The Manitowoc Company Inc. announced the completion of its previously announced sale of its marine segment to Fincantieri Marine Group Holdings Inc., an Italian shipbuilder.
The acquiring company is a subsidiary of Fincantieri-Cantieri Navali Italiani SpA.
The net purchase price in the all-cash deal was approximately $120 million. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes.
"We are now entirely focused on two strategic lines of business: cranes and commercial foodservice equipment," said Manitowoc chief executive officer Glen Tellock. "We have built market leadership positions in both of these global markets and now will be able to direct all of our efforts on growing these two businesses even further. While the company was founded as a shipbuilder in 1902, in recent years we have pursued growth in markets where we have stronger competitive positions and opportunities."
In 2007, Manitowoc’s marine segment reported annual sales of $321 million and operating earnings of $26 million.
Mach One will acquire Kenosha firm
Belgium, Wis.-based Mach One Corp., a biological solutions company that develops products that produce a positive long term benefit to the agricultural and consumer market, announced today it has entered into a non-binding letter of intent to acquire Modular Process Contractors LLC, which does business as MPS BioPharm in Kenosha.
The proposed stock conversion transaction is subject to satisfactory completion of due diligence by the purchaser.
Monte Tobin, chief executive officer of Mach One, said, "This proposed acquisition of Modular Process Constructors, a systems company supplying pharmaceutical companies with processing skids, would fill out an important part of our future growth plans – dealing with world class customers and increasing our presence in the pharmaceutical space."
Belgium, Wis.-based Mach One Corp., a biological solutions company that develops products that produce a positive long term benefit to the agricultural and consumer market, announced today it has entered into a non-binding letter of intent to acquire Modular Process Contractors LLC, which does business as MPS BioPharm in Kenosha.
The proposed stock conversion transaction is subject to satisfactory completion of due diligence by the purchaser.
Monte Tobin, chief executive officer of Mach One, said, "This proposed acquisition of Modular Process Constructors, a systems company supplying pharmaceutical companies with processing skids, would fill out an important part of our future growth plans – dealing with world class customers and increasing our presence in the pharmaceutical space."
